Winding up of Companies

Winding up is the process of dissolving a business by selling off its assets and satisfying the creditors from the proceeds of the sale. A company may wind up for different reasons amongst which are insolvency, upon satisfaction of its objects under the Memorandum, but whatever the reasons, legal procedures need to be undertaken to minimize the risk to your personal assets, estate, and credit. Here are some considerations you would need to pay attention to shut your business down legally.